Payments Snapshot in the UK - Coronavirus (COVID-19) Sector Impact
Summary The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy affecting millions of people globally. The contagious coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring it a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and experts predicting the onset of recessionary environments.
A similar trend has been seen in the UK.Economic growth in the UK registered a dip in the first quarter of 2020.
The UK is among the most highly affected countries, with total confirmed cases of 290,581 at the time of writing and the number still on the rise.With the government now easing the lockdown measures in a phased manner, a gradual recovery in the economy and a rise in consumer spending may be seen.
However, controlling the active cases will remain challenging.
This report focuses on the impact of the coronavirus outbreak on both the economyand the cards and payments industry in the UK.Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume.
It also offers information on measures taken by the government to combat coronavirus.
Scope - The UK is among the most affected countries in the world, with total confirmed cases of 290,581, the death toll at 40,968, and the number of confirmed cases still on the rise.
- Coronavirus will have a profound effect on the mostly outward-driven UK travel and tourism industry, for which Spain, France, Italy, and the US are the major destinations but Which are also adversely affected by the coronavirus outbreak.
- The overall decline in payments has been partially offset by a rise in online spending, as wary consumers are staying home and using online channels to purchase goods.
Reasons to Buy - Make strategic decisions using top-level revised forecast data on the UK payment industry.
- Understand the key market trends, challenges, and opportunities in the UK cards and payments industry.
- Receive a comprehensive insight into payments market in the UK.
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